ATOM Price Show Signs Of Exhaustion, Following 3-Month Uptrend

Christian Encila

2 years ago

2 mins read

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Cosmos (ATOM) has managed to pull it off despite the decline in demand due to a bearish market.

Altcoin rallied by 27% in the past week
Cosmos’ integration with DOT, ETH to trigger a spike in demand
ATOM price experiences exhaustion

ATOM has been remarkably bullish since June and in fact, dubbed to the one top-performing cryptocurrencies in the past three months.

The altcoin was on a bull run as seen in the past week, rallying by as much as 27%, following its rebound from the ascending support line.

In the face of an upswing, ATOM is showing signs of a pullback especially since it appear to be hovering within the key resistance zone as of late.

Could ATOM be nearing its exhaustion phase? Is it time to throw in the towel?

ATOM Facing Bearish Retracement

ATOM has suffered a massive drop in May as it tested its resistance zone. The altcoin was not able to move past the key resistance level on August 24 and 25.

As it is, Cosmos seems to be pushing through hurdles at the same level for the past few days.

As of press time, the crypto is experiencing a bearish retracement. According to CoinMarketCap, the crypto’s price has nosedived by 6.19% or trading at $11.84.

However, it’s selling activity remains incredibly low which might be connected to the updates or developments going on within the Cosmos network. There is a huge possibility that this can increase the demand for ATOM.

Regardless, ATOM looks promising and healthy for long-term alongside the rest of the other cryptocurrencies.

Integration With DOT, ETH To Trigger Pump

Cosmos’ integration with Polkadot and other developments with other networks like Ethereum Beacon have also amplified the demand for DOT and vice versa.

These partnerships are healthy, collaborative, and mutually beneficial and can pull the price up for the networks involved.

The Ethereum Merge, which is a collaboration or merger in between ATOM and the Ethereum Beacon Chain has also set the stage for upgrades in terms of scaling and sharding that could happen on September 15.

This merger is said to help with decreasing the energy consumption level of Ethereum by as much as 99.59% as validators will be replacing miners in staking ETH holdings.

A minimum of 32 ETH is required to stake. Despite the recent rally, investors can still get ATOM at a discounted price.

Like other cryptocurrencies, ATOM has plunged to a new low. August wasn’t a good month for the altcoin as investors seem to have abandoned it in search for more viable cryptos while some oversold their holdings.

While ATOM started at a solid footing during its launch, the crypto crashes have made it entirely difficult for the altcoin to perform better in the bear market.

ATOM total market cap at $3.38 billion on the daily chart | Source: TradingView.com
Featured image from Freepik, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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